21 March 2007
SRTN 2007/01
Building Societies Statistical Reporting Transition Notice
Would recipients of this notice please ensure that these details are passed on to the members of their staff
who are responsible for the transition to Bank of England reporting forms with effect from
1st January 2008.
Statistical reporting transition notices will be issued to building societies during the period of transition
from FSA reporting to reporting statistical information to the Bank of England (with effect from
1st January 2008). The notices will provide important information and guidance to societies regarding the
reporting of Bank of England returns.
This notice provides details of the outcome of the review of Bank of England statistical reporting forms
and thresholds, which was mentioned at the Building Society Reporting seminar in November 2006. All
of the changes take effect prior to the Building Societies starting to report Bank of England
statistical returns. It is important that building societies use the new forms in preparation for reporting
to the Bank of England in 2008. These new forms can be found at
www.bankofengland.co.uk/statistics/reporters/defs/new_defs.htm.
This notice contains a section for each form providing information on the implementation dates for the
new forms, including the implications for building society reporting, the new reporting thresholds and,
for information, the changes agreed as part of the rolling review of forms.
An updated mapping document (between the relevant FSA building society returns and the new Bank of
England returns) has been posted on the internet. Letters providing details of reporting requirements
from January 2008 will be sent to each building society individually by Easter 2007.
This notice covers:
1.
Rolling review of statistical reporting forms
2.
Form BT
3.
Form BE
4.
Forms AD and AL
5.
Discontinuation and replacement of Form Q1(D) by new Forms IS, IC and IO
6.
Forms CA, CC and CL
7.
Discontinuation and replacement of Form QX by new Forms CX, WO and HF
8.
Form DQ
9.
Form DM
10.
Forms HI and HO
11.
Form PL and Form ER
SRTN2007/01 Page 1 of 15
1.
Rolling review of statistical reporting forms
In April 2004, the Bank issued a new Statistical Code of Practice outlining its approach to collecting,
compiling and publishing statistical data. The Code includes an aim to balance the needs of users
against the demands placed on suppliers. In late 2004, a project was launched to develop cost-benefit
analysis tools that could be used to achieve this balance.
As part of this, a rolling review of all statistical returns was initiated and the results of individual
reviews announced in various Statistical Notices. This Notice summarises the results of the latest
reviews for several “core” statistical returns and outlines the implementation timetable for these
changes.
A new page (www.bankofengland.co.uk/statistics/reporters/defs/new_defs.htm) has been
created on our website where all of the new versions of the forms, definitions and validations can be
downloaded. If you require paper copies of these documents, please contact Antony Ford (Tel. 020 7601
3119, antony.ford@bankofengland.co.uk).
The software houses have also been notified of these changes and an updated version of the BEERS
Technical Specification has been published and is available from the Bank’s website
(www.bankofengland.co.uk/statistics/reporters/electronic/index.htm).
If you have any queries about
electronic reporting, please contact Leslie Lambert (Tel. 020 7601 4544 or by e-mail at
leslie.lambert@bankofengland.co.uk).
As part of the reviews, reporting thresholds for the statistical forms have been revised and an updated
reporting panel criteria page is included at the end of this notice.
2.
Form BT
Implementation
The first “new” Form BT will be implemented for existing reporters at end-October 2007 data for
monthly reporters, and end-December 2007 data for quarterly reporters. Building societies will start
reporting from end-January 2008 data for monthly reporters and end-March 2008 for quarterly
reporters. However, the Bank may request this form for end-December 2007 data, in addition to
the FSA returns, to assist with making adjustments to aggregates affected by the transition
between reporting forms.
Reporting Threshold
The threshold for monthly reporting of Form BT has been set at eligible liabilities (BT£46) in excess of
£400mn (positive or negative), or private sector holdings (BT items £2H + £3H or £29D) in excess of
£1bn.
SRTN2007/01 Page 2 of 15
Form Changes
1) Removals
i. The split between interest-bearing and non-interest bearing deposits has been removed from
item 2.
ii. The identification of interest-bearing sight deposits and the interest-bearing element of retail
deposits (BT47A) have been removed from the BT. The latter item has now been added to the BE
return (see below).
iii. The distinction between gilt and non-gilt repos and reverse repos has been removed. Items
previously recorded under Item BT7 have been merged with BT6 and items previously recorded as
BT31 have been merged with BT30.
iv. Various other boxes have been removed: BT3HA (TESSAs); BT26BA (Eligible local authority
bills); BT26DA (eligible bills accepted by UK banks); BT26H and BTAK (Bank of England euro
bills); BT28 (lending under DTI special shipbuilding scheme - merged with BT29D); and BTAG
(holdings of commercial paper lodged by non-residents, issued by non-residents).
2) Additions
i. As a result of discontinuing Form QX (see below) items QX19BL, QX19CD1, QX19CD2,
QX19CD3, QX19CD4, QX19CD5 have been moved to the Form BT. The definitions for these
boxes are unchanged. Additionally the quoted and un-quoted splits for holdings of investments in
UK banks (previously QX32HA, QX32HB and QX32HC) have been moved to the BT; the items
BT32AA, BT32AB and BT32AC have been split into separate items (BT32AA1, BT32AA2 etc)
for the quoted and un-quoted components.
ii. A new box BT19CDA has been added, where reporting institutions are asked to report their levels
of inward investment. Capturing this information on Form BT will allow the Bank to measure the
level of inward investment for Form HI population monitoring purposes.
iii. New boxes BT2BG, BT3BG, BT6BG, BT23DG and BT30BG have been added, which aim to
capture business with banking institutions within the same banking group.
iv. In Market Notices published in December 2006 and February 2007, the Bank announced details of
how it will change the way it finances its foreign exchange reserves. The previous euro note
programme is to be replaced with the annual issuance of medium-term securities. The first issue
was a US dollar transaction, issued during the week beginning 12 March 2007. To accommodate
this change in financing, the coverage of balance sheet items BT32L and BTAL will be broadened
to cover all Bank of England securities, whether issued in euro or other currencies (these items
previously covered Bank of England euro notes only). The item will therefore be renamed to
“Bank of England securities” and an “other currencies” box will be introduced.
3) Other changes
SRTN2007/01 Page 3 of 15
i. Section B (items BA, BB, BC) in the appendix will be reported on a levels basis as opposed to a
transactions basis.
For clarity, we have taken this opportunity to redraft some of the definitions for Form BT. Therefore,
any actual definitional changes have been highlighted in the usual way but some additional or revised
wording has not.
3.
Form BE
Implementation
The first “new” Form BE will be implemented for existing reporters at end-October 2007 data.
Building societies that are requested to report this form will start reporting from
end-January 2008 data. However, the Bank may request this form for end-December 2007 data,
in addition to the FSA returns, to assist with making adjustments to aggregates affected by the
transition between reporting forms.
Reporting Threshold
The threshold has been set to match that of the Form BT; eligible liabilities (BT£46) in excess of
£400mn (positive or negative), or private sector holdings (BT items £2H + £3H or £29D) in excess of
£1bn.
Form Changes
1) Removals
i. The distinction between gilt and non-gilt repos and reverse repos has been removed. Items
previously recorded under Item BE7H have been merged with BE6H and items previously
recorded as BE31H have been merged with BE30H.
2) Additions
i. As a result of discontinuing Form QX (see below) overdrafts for financial corporations, nonfinancial corporations, individuals and individual trusts, unincorporated businesses other than
unlimited liability partnerships, and non-profit institutions serving households (previously Form
QX section 1) have been moved to the Form BE resulting in all items within item BE29D being
re-numbered. Overdrafts are shown first, labelled as BE29DA1, BE29DA2 etc for each of the
sectors and Other loans and advances are labelled as BE29DB1, BE29DB2 etc. The re-numbering
provides consistency with other sections of the form, with respect to sectors.
ii. Also as a result of discontinuing Form QX, the breakdown of securities (including shares and
other equity issued by other UK residents) has been moved to the Form BE; item BE32HA will
identify quoted shares, item BE32HB will identify unquoted shares and item BE32HC will
SRTN2007/01 Page 4 of 15
identify all other securities.
3) Other changes
i. Within the deposits section of the form (BE2H sight deposits, BE2HA interest-bearing sight
deposits and BE3H time deposits), the category previously classified ‘Households and individual
trusts’ has been expanded into two separate categories; ‘Individuals and individual trusts’ and
‘Unincorporated businesses other than unlimited liability partnerships’.
ii. To be consistent, the current sector title of ‘Households and individual trusts’ elsewhere on the
form has been changed to “Individuals, individual trusts and unincorporated businesses other than
unlimited liability partnerships”. There is no definitional change in the content of these items, just
a title change for improved clarity.
iii. Item BE29D4A (loans and advances to housing associations secured on residential property) has
been renamed BE29D2A to reflect it being a component of BE29DA2 or BE29DB2 (non-financial
corporations other than public corporations). The item has been shown as an addendum at the
bottom of item BE29D, as it comprises overdrafts, other loans and advances.
iv. Following the removal of the interest-bearing breakdown of sight deposits on the BT form, the
interest-bearing component of the retail deposits item (previously BT47A) has been moved to the
BE form (BE47A).
4.
Forms AD and AL
Implementation
The first “new” Form AD and AL will be implemented for existing reporters at end-December 2007
data. Building societies that are requested to report these forms will start reporting from
end-March 2008 data.
Reporting Threshold
The threshold has been set to match that of the Forms BT and BE; eligible liabilities (BT£46) in excess
of £400mn (positive or negative), or private sector holdings (BT items £2H + £3H or £29D) in excess of
£1bn.
Form Changes
Form AD is retaining its existing structure and as a result there are no changes to the definitions or
internal validations. However, amendments to cross-form validations with Forms BT and BE have been
made as a result of the merger of Items 6 and 7 on these forms and the renumbering of item 29D on the
Form BE.
SRTN2007/01 Page 5 of 15
1) Removals (for Form AL)
Data on acceptances and commercial paper will no longer be required and the sections have been
removed from the Form.
2) Additions (for Form AL)
DTI special scheme lending for shipbuilding for UK ownership (current BT item 28) will be included in
AL item 4F “Machinery and equipment not elsewhere classified, and transport equipment”.
5.
Discontinuation and replacement of Form Q1(D) by new Forms IS, IC and IO
The Form Q1(D) as it currently stands will be discontinued with effect from October 2007, and will be
split into 3 new forms:
Form IS – Further analysis of secured lending to UK individuals
Form IC – Further analysis of credit card lending to UK individuals
Form IO – Further analysis of loans and advances to UK individuals
These new forms will cover a majority of the data collected via the Q1(D). The exceptions are detailed
below.
Implementation
The three new forms will be introduced for existing reporters from end-October 2007 data. Building
societies that are requested to report these forms will start reporting from end-January 2008 data.
Reporting Thresholds
The reporting thresholds for the new forms will mirror those of the current sections of the Q1(D). These
are outstanding loans secured on residential property greater than £1,500mn for Form IS, outstanding
credit card balance greater than £100mn for Form IC and outstanding overdraft, loans and advances
balances greater than £100mn for Form IO.
Form Changes
1) Removals
i. Bridging loans (formerly Item QDXFKA)
ii. Overdrafts (formerly Item QDXFKC)
iii. Item QDXFKF3 “Amounts outstanding on loans covered by items QDXFKF1 – gross lending”
iv. The data currently collected in Section D of Form Q1(D), “Other loans to individuals secured on
residential property” will no longer be required.
SRTN2007/01 Page 6 of 15
2) Additions
i. Two new items have been added in each of the new forms: one to measure “amount outstanding of
transferred/securitised balances held by entities resident in the UK” and one to measure “amount
outstanding of transferred/securitised balances held by entities resident outside the UK”. These
new items will help the Bank to improve its data on total amounts outstanding in loans to
individuals.
ii. Three new items have been added in the Form IS to identify secured lending via offset mortgages.
These items will help to improve the Bank’s data on total amounts outstanding in secured loans to
individuals and on deposits held by ‘other UK residents’. Item ISXFKBJ1 measures “Amount
outstanding excluding the effects of offsetting deposit balances”, item ISXFKBJA measures net
“amount outstanding in ‘multiple account’ offset arrangements (ie. where lending balances are
offset by deposit balances for interest calculation only)” and item ISXFKBJB measures “Amount
outstanding in ‘single account’ offset products” (ie. where lending and deposits are netted as a
single balance).
6.
Forms CA, CC and CL
Implementation
The first “new” Forms CA, CC and CL will be submitted by existing reporters for end-December 2007
data. Building societies that are requested to report Form CA will start reporting from end-March
2008 data. Building societies that are requested to report Forms CC and CL will start reporting
from end-March 2009 data. Those societies required to report forms CC and CL will be contacted
in the first half of 2008.
Reporting Threshold
Form CA: Threshold has been set to £2,000mn of business in foreign currencies other than euros on
either side of the balance sheet;
Form CC: Threshold has been set to £300mn external claims;
Form CL: Threshold has been set to £300mn external liabilities.
Form Changes
1) Removals (for Form CA)
i. Currency breakdown for Euro removed.
ii. Currency breakdown for Australian dollars, Canadian dollars, Danish kroner, Saudi riyals,
Swedish kroner, SDRs and Gold have been combined into “Other Currencies”.
iii. Portfolio investments issued by non-residents (items CAC9 + CAC10) have been included in
“other assets”.
SRTN2007/01 Page 7 of 15
1a) Removals (for Form CC)
i. Section A items “revaluation of claims” and “write-offs”.
ii. Section B item “claims on non-resident CMIs”
1b) Removals (for Form CL)
i. Section B “British Government Stocks held on behalf of non-residents”.
2) Additions (for Form CC)
Market loans to non-residents data, currently reporting on Form QX Section 1 (items XC, XC1, XC2
and XC3) have been added to Form CC; as has direct investment in non-residents, currently reported on
Form QX (items 32KA, 32KB and 32KC).
2a) Additions (for Form CL)
i. Breakdown of deposit and repo liabilities to non-residents data currently reported on Form QX
Section 1 (items XB1 and XB2) has been added to Form CL.
No additions have been made to Form CA.
7.
Discontinuation and replacement of Form QX by new Forms CX, WO and HF
The Form QX as it currently stands will be discontinued. Some of the data have been moved across to
Forms BT, BE, CC and CL as outlined above and some have been restructured as three new forms:
Form CX – Capital expenditure and finance leasing data (replacing parts of QX Sections 1 & 6)
Form WO – Write-offs data (replacing QX Sections 4 and 5)
Form HF – Foreign direct investment transactions (replacing QX Section 7)
Implementation
The new Forms CX and HF will be submitted by existing reporters from end-December 2007 data. But
Form QX sections 4 and 5 will need to be submitted in the existing manner (section 5 is currently an
annual return) for end-December 2007 data, with the new Form WO being submitted for the first time
for end-March 2008 data. Building societies that are requested to report Form WO will start
reporting from end-March 2008 data. Building societies that are requested to report Form HF
will start reporting from end-December 2008 data. Building societies that are requested to report
Form CX will start reporting from end-March 2009 data. Those societies required to report
forms HF and CX will be contacted in the first half of 2008.
Reporting Thresholds
Form CX – discretionary but based on fixed assets and finance leasing income.
Form WO – greater than £10mn write-offs over the previous calendar year
Form HF – greater than £100mn of inward or outward foreign direct investment
SRTN2007/01 Page 8 of 15
Some additional information will be required on these forms, as outlined below:
1) Differences between Form QX (Sections 1 and 6) and Form CX
i. The QX categories "ships" and "vehicles and aircraft" have been merged on CX, meaning that the
old QXXLD and QXXLF both map to the new CX4, and the old QXXLE and QXXLG map to the
new CX5.
ii. Additional items have been added within "Plant and machinery" (QXXLH & QXXLJ / CX6 &
CX7). These require reporting institutions to record their acquisitions and disposals of “computers
and other processing equipment”, and their acquisitions of computer software. Additionally, the
computer software acquisitions need to be reported as “developed in-house”, “purchased under
licence payments” or “purchased outright”. These additional items have been added to improve
the ONS’s measurement of investment in information technology.
iii. The QX categories QXXFDB (finance leases to UK financial corporations other than monetary
financial corporations) and QXXFEB (finance leases to UK financial unlimited liability
partnerships) have been combined on Form CX, as have QXXFFB (finance leases to UK nonfinancial corporations) and QXXFGB (finance leases to UK non-financial unlimited liability
partnerships).
2) Differences between Form QX (Sections 4 and 5) and Form WO
i. Unlike section five of the Form QX which is reported in a different way in the fourth quarter of
each year, the Form WO will be reported in a consistent way every quarter (ie. relating to writeoffs made in the quarter).
ii. Item WO1HA (formerly QXXKJA) has been renamed “real-estate” to bring the item into line with
Forms AD and AL.
iii. The "unlimited liability partnership" items on the old QX section five have been removed: hence
the old boxes QXXKG (financial corporations other than monetary financial institutions) and
QXXKH (financial unlimited liability partnerships) have been merged to form the new WO1G;
similarly the old QXXKJ (all non-financial corporations (excluding unlimited liability
partnerships) other than public corporations and QXXKK (non-financial unlimited liability
partnerships) have merged to form WO1H.
3) Differences between Form QX (Section 7) and Form HF
The basis of reporting has been changed to an “immediate investor” basis. In cases where the country of
ultimate investor is different from the immediate investor, equivalent details are required.
The separate reporting of preference shares and bonds and other capital is no longer required.
SRTN2007/01 Page 9 of 15
8.
Form DQ
Implementation
These changes come into effect for existing reporters on the return for end-December 2007 data. At
present we do not expect any building societies to be required to report Form DQ.
For clarity, the Bank is taking this opportunity to reorganise the definitions for Form DQ and these will
be available on the Internet.
Reporting Threshold
The threshold for quarterly reporting of Form DQ has been set to total gross liabilities under contracts in
financial derivatives (BT19BL) in excess of £5bn. It is discretionary – derivatives positions are volatile
and so reporting institutions will not be recruited to the reporting panel until they report consistently
large positions.
Form Changes
1) Removals
Sections 3, 4 and 6 of the Form DQ have already been removed; see Statistical Notices 2004/04 and
2007/02 for details.
2) Other Changes
i. The treatment of interest rate swaps undertaken between reporting institutions and the SwapClear
facility operated by LCH.Clearnet Limited (formerly known as London Clearing House) has been
clarified. These should be reported in accordance with the sectoral classification of LCH.Clearnet
Limited, that is, “UK financial institutions other than monetary financial institutions”.
ii. The definition of credit derivatives captured by the return has been extended to include all credit
derivative instruments.
Credit default products, such as credit default swaps, which have
previously been excluded, should be reported on the form.
iii. Section Five, which captures cross border positions by country, will be renamed Section Three.
9.
Form DM
The Bank has formerly removed the Form DM (a monthly derivatives return developed in 1997) from
the Yellow Folder as a monthly requirement is no longer envisage.
10.
Forms HI and HO
Implementation
Building societies that are requested to report Forms HI and HO will start reporting from endDecember 2009 data. Those societies required to report forms HI and HO will be contacted in the
first half of 2008.
SRTN2007/01 Page 10 of 15
Reporting Thresholds
Form HI – Inward foreign direct investments in excess of £20mn
Form HO – Outward foreign direct investments in excess of £20mn
Form Changes
No changes have been made to the structure of Forms HI and HO, however the submission deadline has
been extended by four weeks to sixteen weeks with immediate effect.
11.
Forms PL, BG and ER
Given they are relatively new forms the PL and ER forms have not undergone a full review and there are
no changes to the content or definitions of these forms. An extensive reporting panel review has
however been undertaken for Form PL, the initial outcome of which is a move away from PL being
reported by all institutions. This also affects the reporting panel of Form BG.
Implementation
Building societies that are requested to report Form PL on a quarterly basis will start reporting
from end-March 2008 data, while those required to report on an annual basis will start reporting
from end-December 2009 data. Those societies required to report Form ER will start reporting
from end-January 2008 data. Those societies required to report Form BG on a quarterly basis
will start reporting from end-March 2009 data. Those societies required to report Form BG will
be contacted in the first half of 2008.
Reporting Threshold
i. A new threshold for annual reporting of the PL and the BG has therefore been set. This is
discretionary based on total assets as reported on the BT (BT40) but any entity with less than
£250 million of total assets will be released from reporting Forms PL and BG. There is also likely
to be a further review of the thresholds for annual reporting during 2008 or 2009.
ii. The threshold for quarterly reporting of Form PL remains at around £1 billion of total assets as
reported on Form BT for the time being. The threshold for quarterly reporting is likely to be
increased considerably later this year for 2008 reporting.
iii. On the basis that annual reporting thresholds are likely to be reviewed again and the set up costs
for reporting Form PL can be significant we will only ask societies that are likely to meet the
revised threshold for quarterly reporting to report in 2008 and review the annual reporting
requirements during 2008 for reporting 2009 data.
iv. The threshold for quarterly reporting of Form BG remains discretionary depending on the level of
non-resident business. Generally banks reporting Form PL quarterly and with a significant amount
SRTN2007/01 Page 11 of 15
of non-resident business are asked to report Form BG and similarly this will apply for societies but
only from 2009. In practice we believe this will mean very few societies will be required to report
Form BG.
v. The threshold for Form ER remains a representative panel based on institutions’ business with
different sectors of the economy.
Bank of England
Monetary & Financial Statistics Division
21 March 2007
SRTN2007/01 Page 12 of 15
BANKING STATISTICS - REPORTING PANEL CRITERIA
Reporting institutions should note that the promotion/demotion criteria are for guidance only. In
certain circumstances, for instance rapid growth in business or a large loan book acquisition, the Bank
reserves the right to call for returns sooner than the table might suggest.
FORM
CRITERIA
PROMOTION/DEMOTION
TIMETABLE
BT (monthly)
Sterling eligible liabilities (BT£46) in
excess of £400mn (positive or
negative), or private sector holdings
(BT items £2H + £3H or £29D) in
excess of £1bn.
Two full calendar quarters
breaching the threshold. Change
effective the first end quarter
thereafter (or immediate if required
to place a CRD or the reporter is
otherwise required by the FSA).
Or, as soon as a reporter is
required to place a cash ratio
deposit (CRD) with the Bank.
Further reporters may be required
to submit monthly balance sheet
data by the Financial Services
Authority (FSA).
BT (quarterly)
All reporting institutions which are
not monthly BT reporters.
As monthly BT.
BE
As monthly BT.
As monthly BT.
AD
As monthly BT.
As monthly BT.
AL
As monthly BT.
As monthly BT.
Section A
Outstanding loans on residential
property greater than £1,500mn.
Two calendar quarters breaching
the threshold. Change effective
immediately.
Section B
Outstanding credit card balances
greater than £100mn.
As Q1(D) Section A.
Section C
Outstanding sterling other loans
and advances and overdrafts
greater than £100mn.
As Q1(D) Section A.
Outstanding loans on residential
property greater than £1,500mn.
Two calendar quarters breaching
the threshold. Change effective
immediately.
Q1(D)
IS
SRTN2007/01 Page 13 of 15
FORM
CRITERIA
PROMOTION/DEMOTION
TIMETABLE
IC
Outstanding credit card balances
greater than £100mn.
Two calendar quarters breaching
the threshold. Change effective
immediately.
IO
Outstanding sterling other loans
and advances and overdrafts
greater than £100mn.
Two calendar quarters breaching
the threshold. Change effective
immediately.
Part 1
Footings over £1bn or eligible
liabilities over £100mn.
Two calendar quarters breaching
the threshold. Change effective the
second end quarter thereafter.
Part 2
Section discontinued – (see Stats Notice 2006/05)
Part 3
Section discontinued – (see Stats Notice 2006/05)
Part 4
Footings over £1bn or eligible
liabilities over £100mn.
As QX Part 1.
Part 5
Footings over £1bn or eligible
liabilities over £100mn.
As QX Part 1.
Part 6
Footings over £1bn or eligible
liabilities over £100mn.
As QX Part 1.
Part 7
Footings over £1bn or eligible
liabilities over £100mn., plus any
reporting institutions which have
reported inward or outward direct
investment holdings on Forms
HI/HO.
Two full quarters breaching the
threshold, or identified on other
returns. At second end quarter after
being asked to complete.
QX
CX
To be completed by reporters Reviewed annually – with end year
specifically requested to do so by data. Change effective the end
the Bank of England.
quarter thereafter.
Reporters are chosen on the basis
of amounts of capital expenditure
or finance leasing reported on the
BT and PL forms.
WO
DQ
PL (quarterly)
PL (annually)
To be completed by reporters
specifically requested to do so by
the Bank of England.
Reviewed annually – with end year
data. Change effective the end
quarter thereafter.
Discretionary, but generally gross
liability positions in derivatives (BT
Item 19BL) over £5bn.
Two calendar quarters breaching
the threshold. Change effective the
second end quarter after being
requested to report
Discretionary, but generally
footings over £1bn.
Reviewed annually. Change
effective from the second full
quarter after being notified.
Discretionary, but footings of at
least £250mn.
Reviewed annually. Timing as
notified by the Bank of England.
SRTN2007/01 Page 14 of 15
FORM
CRITERIA
PROMOTION/DEMOTION
TIMETABLE
CA
Business of £2bn in all non-sterling
and non-euro currencies on either
side of the balance sheet.
Promotion after breaching
threshold, effective second end
quarter after breach.
CC
External assets in all currencies
above £300mn
Promotion after breaching
threshold, effective second end
quarter after breach.
CL
External liabilities in all currencies
above £300mn
Promotion after breaching
threshold, effective second end
quarter after breach.
ER
A representative panel based on
reporting institution’s business with
different sectors of the economy.
Reviewed periodically. Promotion
to panel as notified by the Bank of
England.
BG (quarterly)
Discretionary but generally
reporting institutions reporting Form
PL quarterly, that have significant
business with non-residents.
Reviewed annually. Change
effective from the second full
quarter after being notified.
BG (annually)
Discretionary but generally
reporting institutions reporting Form
PL annually that have a significant
proportion of their business with
non residents.
Reviewed annually. Timing of
promotion/demotion as notified by
the Bank of England.
HI
£20mn of inward FDI levels as
reported on the BT form.
Reviewed annually.
HO
£20mn of outward FDI levels as
reported on the CC form.
Reviewed annually.
HF
£100mn of inward or outward FDI
as reported on the HI and HO
forms.
Reviewed annually.
C1
As required by the MFSD/FSA
based on institution/group external
business.
As notified
CE
As required by the MFSD/FSA
based on institution/group external
business.
As notified
SRTN2007/01 Page 15 of 15